by Gary Toebben

Foreign Trade Missions Pay Off

Los Angeles Mayor Eric Garcetti is leading a trade mission this week and next to China, Korea and Japan. The Mayor and his delegation of public and private sector leaders will convey a message to businesses in those three countries that L.A. invites and welcomes their investment, trade and tourists.

China, Japan and South Korea are L.A.’s three largest trading partners, and a major source of tourists and business investments. It is a smart business decision for the Mayor and his delegation to make this trip to Asia. 

Mayors, governors and presidents are often criticized when they lead delegations abroad.  You won’t hear that criticism from the L.A. Area Chamber, which conducted its first overseas trade mission nearly 90 years ago. Hundreds of Chamber members depend on trade, tourism and investments from these three nations and the Chamber is coordinating the Korean portion of Mayor Garcetti’s trip.

In 2010, the Chamber organized Gov. Schwarzenegger’s trade mission to Korea. During that trip, the Governor met with Korean Air Chairman Y.H. Cho. It was at that meeting that Chairman Cho made a commitment to build a new high rise office and hotel tower in downtown L.A.

Chris Martin, chairman of AC Martin Partners, the project manager for the construction of the new Wilshire Grand, credits Gov. Schwarzenegger’s trade mission, during the great recession, with closing the sale on the first new office tower in downtown L.A. in 25 years. 

Economic development is like courtship. It is essential to reach out, show attention and ask the question. If you stay at home and wait for others to come to you, it is unlikely that you will ever reach the marriage alter.   

And that's The Business Perspective.